Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h +0.019%

Price spread now: Hyperliquid against GRVT+0.156%85s7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.229% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.156%, 7d avg +0.027%

Together, before fees+0.076%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.130% dearer against GRVT than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.027%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ZEC_USDT_Perp	1,450.7	0.0100	pay 0.0100% / 8h	4h 56m	$3.0M	$432K	10x
Short	Hyperliquid ZEC	1,453	0.0135	get 0.0017% / 1h	56m 08s	$756.0M	$435.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GRVTbpFee HyperliquidbpOrdersPrice spread, now +0.156%Rate

Funding earned: $7.4
Price spread: +0.156% → +0.027%: $12.98
Slippage, 4 orders: −$4.85
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$2.48
Costs to cover: 0.229%
Break-even: 9.3 days

Slippage from GRVT: live order book, 3 min ago; Hyperliquid: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GRVT live order book, 3 min ago	1.41 bp	5.9 bp −$6	7.0 bp −$70	9440.0 bp −$944.0K	87136.4 bp −$43.57M
Sell Hyperliquid live order book, 8 min ago	0.34 bp	4.8 bp −$5	5.1 bp −$51	5.5 bp −$549	doesn't fit

ZEC on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZEC/USDC PERP	−0.3166%	1h	1,452.7	+0.136%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,451.6	+0.057%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0078%	8h	1,450	−0.054%	$29.3M	$70.4M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,451.7	+0.067%	$409K	$40K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,452.8	+0.142%	$1.5M	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,451.7	+0.063%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,452	+0.088%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0057%	8h	1,451.8	+0.075%	$291K	$958K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0063% / S −0.0013%	1h	1,451.8	+0.076%	$408K	—	100x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,452.3	+0.110%	$8K	$7K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEC	+0.0074%	1h	1,451.4	+0.047%	$4.6M	$1.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,452.1	+0.096%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,451.6	+0.059%	$11K	$880K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,452.3	+0.108%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,452.3	+0.107%	$2.6M	$6.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,452	+0.086%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,452.5	+0.120%	$1.6M	$2.5M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,452.1	+0.091%	$666.0M	$2.22B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,451.6	+0.060%	$262.1M	$603.5M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,452.1	+0.097%	$177.7M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,448.7	−0.140%	$395K	$449K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,450	−0.050%	$876K	$23K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,452.4	+0.115%	$49.8M	$171.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,452.1	+0.096%	$213.6M	$766.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,452.2	+0.102%	$102.1M	$55.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,452.4	+0.116%	$161.8M	$272.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,451.8	+0.072%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,452.8	+0.143%	$2.5M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,449.7	−0.070%	$47.4M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,450.2	−0.034%	$564K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perplong	+0.0100%	8h	1,450.7	long leg	$3.0M	$432K	10x
ApeX Omni ZECUSDT	+0.0100%	1h	1,450.2	−0.038%	$408K	$911K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,450.5	−0.019%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,452	+0.088%	$367K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,452	+0.089%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,450.9	+0.011%	$443K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,454.7	+0.275%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,452	+0.090%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,451.5	+0.050%	$2.7M	$18.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,452.3	+0.108%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,451.9	+0.080%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,451.9	+0.078%	$47K	$151K	20x	as long as short
Hyperliquid ZECshort	+0.0135%	1h	1,453	+0.156%	$756.0M	$435.6M	10x
Lighter ZEC	+0.0264%	1h	1,453.4	+0.183%	$19.1M	$45.8M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0278%	1h	1,451.9	+0.082%	$18.0M	$44.7M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0359%	1h	1,452.8	+0.142%	$610K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,452.7	+0.133%	$832K	$1.0M	10x	as long as short
Lighter RH ZEC	+0.0432%	1h	1,453.7	+0.203%	$2.0M	$6.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,455.1	+0.300%	$3.7M	$9.0M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,454	+0.227%	$727K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0674%	1h	1,452.2	+0.100%	$44K	$49K	10x	as long as short